Companies operating in the Netherlands must be prepared for next month’s change to their standard industrial classification codes, an expert has warned.
The Dutch Chamber of Commerce (KVK) will update the SBI (‘standaard bedrijfsindeling’) codes between 5-7 September to bring the classifications up-to-date with developments in the Dutch and broader European economies.
Every company and organisation operating in the Netherlands is issued with an SBI code at registration. The codes are updated automatically every 15 years. Incorrectly classified SBI codes can be altered or updated by the company in the ‘My KVK’ online portal, or through the KVK’s ‘Change Business/Branch’ form.
Alongside the KVK other bodies, including governmental entities, financiers and insurers rely on the SBI codes registered to a company. Registration under the incorrect SBI code may cause issues for the company in respect of its pension scheme and collective labour agreement obligations, insurance premiums owed and the company’s ability to attract financing, among other matters.
“All companies are ultimately responsible for their own SBI codes and whether their activities are appropriately classified,” said Amsterdam-based corporate law expert Frits Burg of Pinsent Masons.
“By being aware and checking this early, companies can prevent surprises with wrong SBI codes at a later date. This would apply to all clients that operate Dutch entities.”
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